401–410 of 532 posts
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Yes. You can trade one of the many ERC-20 tokens that wrap bitcoin (e.g, WBTC, renBTC) and later you can swap these tokens for "real" BTC, also just by executing the smart contracts from the wrappers.
Thanks. Do you have some good link to explain the mechanics, particularly the "unwrapping" of eg. WBTC? That involves a trusted third party, doesn't it?
For most cases, yes. Binance, Gemini and some others provide a version of their token that can run in multiple chains. It's supposed to be 1:1 backed by BTC, but you have to trust them fully.
It's a little bit better for WBTC [0]. WBTC is a consortium of 30+ crypto projects who keep the BTC under their control through a multi-sig wallet, and that can be audited on-chain. In this case, the majority of the signers would have to conspire in order to steal the funds or do anything malicious.
renBTC is even more decentralized. It is part of the ren "network" [1], which provides inter-blockchain applications. I haven't looked yet how it works exactly, but my understanding is custody of BTC happens though a proper dapp. Last year I wanted to get rid of all my BTC, and I did it though ren. It was BTC -> renBTC -> DAI.
[0]: https://wbtc.network
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You mean a list of distributed exchanges. Its like a list of all the small shop money exchanges that exists. But it doesn't mean its decentralized. It also means you always need a trusted third party for the exchange. Wasn't crypto about going rid of those trusted third parties?
No, I mean actual decentralized exchanges. They are applications running on the blockchain. There is no owner, no physical location, no entity controlling access. All you need to do is have a crypto wallet and execute the contracts.
I recently watched some traditional cable and was shocked by the number of crypto ads bombarding viewers. I have to imagine that this market was goosed up by retail investors trading on coinbase and binance just as the e-betting market was. The only difference between crypto and e-betting is that everyone got to be a winner on the crypto markets for a while. As users lose out, and exchanges stop ad campaigns - how lo…
As long as people want to buy illegal things online, I don't think bitcoin will go to zero. That has, and always will be, it's only rational use case.
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Those companies aren't immune from getting suckered in to a scam.
They are merely facilitating, participating and offering the services in the crypto scam no? Stripe went in to Bitcoin, exited Bitcoin, then invested into a shitcoin called 'Stellar' and went back into crypto again supporting crypto exchanges like FTX, NFTs and offering crypto payments with 'Polygon'. That is hardly getting 'suckered in'. I would argue that they are 100% fully complicit in the crypto scam. Since we a…
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Where do you initially buy that crypto, then? And where would you sell it, in case you need other currencies?
Work for Bitcoin (wage) Sell goods and/or services for Bitcoin Trade Bitcoin on P2P platforms (Local Bitcoins, Bisq, etc.)
Haha, yeah, right. Seriously: don't do this.
I recently watched some traditional cable and was shocked by the number of crypto ads bombarding viewers. I have to imagine that this market was goosed up by retail investors trading on coinbase and binance just as the e-betting market was. The only difference between crypto and e-betting is that everyone got to be a winner on the crypto markets for a while. As users lose out, and exchanges stop ad campaigns - how lo…
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No, I mean actual decentralized exchanges. They are applications running on the blockchain. There is no owner, no physical location, no entity controlling access. All you need to do is have a crypto wallet and execute the contracts.
no automatic blockchain contract can provide you with USD
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> As it is all crypto trading is purely speculation. The reason I stay invested is the supply-side economics. The supply is well-known in advance, and is advantageous to Bitcoin. US M2 money supply grew 8.04% in the past year [0], while Bitcoin's grew ~1.75% [1]. Yes, demand has its 80% ups and downs, but each crash was to a level higher than the previous. [0] - https://ycharts.com/indicators/us_m2_money_supply_yoy […
What when demand goes to 0, when people realize that bitcoins aren’t useful for anything legal?
But so far, this crash has stayed above the 2017 top. So it looks like I'm holding the S&P at 4x leverage, but with no margin calls.
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> As it is all crypto trading is purely speculation. The reason I stay invested is the supply-side economics. The supply is well-known in advance, and is advantageous to Bitcoin. US M2 money supply grew 8.04% in the past year [0], while Bitcoin's grew ~1.75% [1]. Yes, demand has its 80% ups and downs, but each crash was to a level higher than the previous. [0] - https://ycharts.com/indicators/us_m2_money_supply_yoy […
The supply of my toenail clippings has grown by less than either of these over the past year. If you'd like to apply your supply-side economics and invest, send me a DM.